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Synchronize receipts in Inform with their bank deposit dates

June 05, 2020 17:09

Updated

Synchronize receipts in Inform with their bank deposit dates

When you take in accounts receivable, Inform posts them to the General Ledger on the day they were received. However, this date may not always align with the date on which the deposit was made, if for example

You don't always go to the bank to deposit funds the same day they are received;

You have credit card receipts that take a few days to post to the bank after they have processed.

When this happens, your Inform General Ledger is out of sync with your actual bank ledger.

To make sure that these ledgers reconcile properly, you can post receipts to a temporary holding account in Inform. Then when the deposit physically hits your bank, you can transfer those deposits from the temporary holding account to your bank account.

Using this Deposit Transfer process, you can ensure that deposits logged in Inform match the deposit day on your bank statement.

To use this process, first you must configure Inform for the Deposit Transfer workflow. Then you can transfer the deposits as needed.

Set up Inform for the Deposit Transfer workflow

Note that this set up needs to be performed only once. If Inform is already configured for deposit transfers, then skip to the next procedure, Make a deposit transfer.

Note: If you are configured for instant post, then cash and checks are not not grouped together.

Select the check box beside those transactions that have been posted to your bank, so need to be transferred from your temporary Undeposited Funds account to your permanent Bank G/L account.

Click Save.

On the Deposit Transfer pop-up, in the Bank G/L box, choose the physical Bank to which the deposit has been made.

In the Transfer Date box, choose the date on which the bank itself is noting the deposit (not the day you received it into Inform).

Click Save.

Inform will create a journal entry for G/L posting, and will move the transactions from one bank to another.

When reviewing the Bank Ledger for the transactions, the date of the transactions will be as of the date of your deposit, in the detail of the transactions, it will show the original date and account it came from.

The deposits will show on the Deposit Transfer tab until the bank reconciliation is permanently saved.